Singapore: Manufacturing PMI expands in May
June 4, 2013
In May, the manufacturing PMI elaborated by the Singapore Institute of Purchasing & Materials Management (SIPMM) rose to 51.1 points. The figure was up from both the 50.3 points observed in April and market expectations of 50.5 points. As a result, the index remains above the 50-point threshold that indicates an expansion in the manufacturing sector.
The May print reflected an improvement in seven out of the nine categories that compose the index, with the new export orders as well as the employment sub-indices recording the largest increases.
Moreover, a separate PMI elaborated for the all-important electronics sector also improved over the previous month. In May, the index edged up to 51.4 points from the 51.2 points recorded in April.
FocusEconomics Consensus Forecast panellists expect manufacturing output to grow 1.8% in 2013, which is down 0.9 percentage points from last month's forecast. For 2014, the panel expects manufacturing output growth to accelerate to 4.8%.